VLC is one of the most popular media players; it’s cross-platform, and has a reputation for being able to play almost any kind of media. Given its popularity, unpatched vulnerabilities in VLC are likely to make attractive targets to malicious hackers.
Two vulnerabilities in VLC, CVE-2014-9597 and CVE-2014-9598, have yet to be acknowledged by VLC’s developers. Both are memory corruption bugs that can allow attackers to execute arbitrary commands on target systems.
Note that these vulnerabilities only affect VLC running on Windows XP, and only FLV and M2V files.
If you use VLC, you should exercise extreme caution when playing media from sources not known to be safe.